拼多多2018年第四季度以及全年财报-2019.3-27页_1mb

报告摘要

Pinduoduo 4Q 2018 Results Summary

Core Content

Pinduoduo Inc. ("Pinduoduo") reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2018. The results reflect strong growth across multiple metrics, including GMV, revenues, and user engagement, driven by its expanding user base and increasing spending per active buyer.

Key Financial Highlights

4Q 2018

LTM GMV: RMB471.6 billion (US$68.6 billion), up 234% YoY.
Total Revenues: RMB5,653.9 million (US$822.3 million), up 379% YoY and 68% sequentially.
Average MAUs: 272.6 million, up 93% YoY.
Active Buyers: 418.5 million, up 71% YoY.
Annual Spending per Active Buyer: RMB1,126.9, up 95% YoY.

FY 2018

LTM GMV: RMB471.6 billion (US$68.6 billion), up 234% YoY.
Total Revenues: RMB13,120.0 million (US$1,908.2 million), up 652% YoY.
Total Orders: 11.1 billion, up 158% YoY.

Revenue Breakdown

4Q 2018

Online Marketing Services: RMB5,062.4 million (US$736.3 million), up 470% YoY and 70% sequentially.
Transaction Services: RMB591.5 million (US$86.0 million), up 103% YoY and 49% sequentially.
Merchandise Sales: Nil, down 100% YoY.

FY 2018

Online Marketing Services: RMB11,515.6 million (US$1,674.9 million), up 852% YoY.
Transaction Services: RMB1,604.4 million (US$233.4 million), up 202% YoY.
Merchandise Sales: Nil, down 100% YoY.

Cost Structure

4Q 2018

Total Costs of Revenues: RMB1,424.0 million (US$207.1 million), up 281% YoY and 84% sequentially.
Operating Expenses: RMB6,870.8 million (US$999.3 million), up 699% YoY.
- Sales & Marketing: RMB6,024.0 million (US$876.2 million), up 699% YoY.
- General & Administrative: RMB321.6 million (US$46.8 million), up 2,668% YoY.
- Research & Development: RMB525.2 million (US$76.4 million), up 901% YoY.

FY 2018

Total Costs of Revenues: RMB2,905.2 million (US$422.6 million), up 302% YoY.
Operating Expenses: RMB21,014.5 million (US$3,056.4 million), up 900% YoY.
- Sales & Marketing: RMB13,441.8 million (US$1,955.0 million), up 900% YoY.
- General & Administrative: RMB6,456.6 million (US$939.1 million), up 4,836% YoY.
- Research & Development: RMB1,116.1 million (US$162.3 million), up 764% YoY.

Profitability

4Q 2018

Operating Loss: RMB2,640.9 million (US$384.1 million), compared to RMB22.7 million in the same quarter of 2017.
Non-GAAP Operating Loss: RMB2,112.9 million (US$307.3 million), compared to RMB10.0 million in the same quarter of 2017.
Net Loss Attributable to Ordinary Shareholders: RMB2,423.9 million (US$352.5 million), compared to RMB13.6 million in the same quarter of 2017.
Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB1,895.9 million (US$275.7 million), compared to RMB26.3 million in the same quarter of 2017.
Basic and Diluted Net Loss per ADS: RMB2.16 (US$0.32), compared to RMB0.04 in the same quarter of 2017.
Non-GAAP Basic and Diluted Net Loss per ADS: RMB1.72 (US$0.24), compared to RMB0.04 in the same quarter of 2017.

FY 2018

Operating Loss: RMB10,799.7 million (US$1,570.8 million), compared to RMB595.7 million in 2017.
Non-GAAP Operating Loss: RMB3,958.2 million (US$575.7 million), compared to RMB469.2 million in 2017.
Net Loss Attributable to Ordinary Shareholders: RMB10,297.6 million (US$1,497.7 million), compared to RMB498.7 million in 2017.
Non-GAAP Net Loss Attributable to Ordinary Shareholders: RMB3,456.0 million (US$502.7 million), compared to RMB372.2 million in 2017.
Basic and Diluted Net Loss per ADS: RMB13.88 (US$2.00), compared to RMB1.12 in 2017.
Non-GAAP Basic and Diluted Net Loss per ADS: RMB4.64 (US$0.68), compared to RMB0.84 in 2017.

Cash Position

Net Cash from Operating Activities (4Q 2018): RMB5,732.4 million (US$833.7 million), up from RMB5,362.6 million in the same quarter of 2017.
Cash, Cash Equivalents, and Restricted Cash (as of December 31, 2018): RMB30.5 billion (US$4.4 billion), up from RMB12.4 billion as of December 31, 2017.

Non-GAAP Measures

Non-GAAP measures exclude share-based compensation and impairment of long-term investments.
The Company uses these measures to assess underlying business performance and trends.
Reconciliation to GAAP measures is provided in the press release.

Recent Developments

Follow-on Equity Offering: Completed on February 7, 2019, raising US$1,180 million after underwriting discounts and expenses.
Conference Call: Scheduled for March 13, 2019, at 8:00 AM U.S. Eastern Time. Replay available for one week.

Disclaimer and Risk Factors

The document contains forward-looking statements and is subject to risks and uncertainties.
The Company is not liable for updating forward-looking statements unless required by law.
Risks include growth strategies, market competition, regulatory changes, and operational challenges.

About Pinduoduo Inc.

Pinduoduo is a "new e-commerce" platform that emphasizes value-for-money products and interactive shopping experiences. It operates primarily through its mobile app and social networks, leveraging user engagement for growth.

Contact Information

Investor Relations: investor@pinduoduo.com
Media Inquiries: internationalmedia@pinduoduo.com
Christensen IR:
- China: Mr. Christian Arnell, +86-10-5900-1548, carnell@christensenir.com
- U.S.: Ms. Linda Bergkamp, +1-480-614-3004, lbergkamp@christensenir.com